Closing bell: Benchmark indices climb as mid and small-cap stocks shine - October 9th, 2023

In today’s trading session, the Indian stock market continued to exhibit its resilience, with the benchmark indices surging significantly.

The Nifty index concluded the day with a remarkable gain of 0.91%, closing above the 19,600 mark, while the Sensex closed 0.87% higher, closing above the 66,000 level. This upward momentum was not confined to the large-cap indices alone; the Nifty Midcap registered an impressive increase of 1.36%, and the Nifty Small-cap also joined the rally, closing with a substantial rise of 1.2%.

Here are some key highlights from today’s trading session:

  • Sector performance: Several sectors showed remarkable strength, with Nifty Realty, Nifty Metal, Nifty PSU, and Nifty Auto emerging as the top gainers. In contrast, Nifty Pharma traded relatively flat during the session.
  • Stock performance: Among the prominent constituents of the Nifty 50, significant gains were recorded in stocks such as Coal India, Adani Ports, Bharti Airtel, and Hindalco. Conversely, Dr Reddy’s Laboratories, IndusInd Bank, Cipla, and TCS experienced declines, making them the top decliners in the index.
  • Broader market: Stocks in the broader market also displayed positive movements. Prestige, IRFC, City Union Bank, and Central Bank demonstrated notable gains, while Max Healthcare, Jubilant Foodworks, Suzlon Energy, and Triveni Turbine faced losses.
  • Market sentiment: The broader landscape appeared optimistic, with approximately 1552 stocks advancing compared to 470 stocks declining. This prevailing optimism reflected a positive market sentiment, despite certain global uncertainties.

Global markets: Oil prices witnessed a surge of approximately 4% due to the ongoing Israel-Hamas conflict, which entered its third day. This unexpected escalation led to an assault on Israel by Palestinian militants from Hamas. Consequently, the global benchmark, Brent crude, experienced a substantial 3.9% increase, reaching USD 87.85 per barrel. Simultaneously, the Dollar index in futures registered a marginal uptick of 0.06%, reaching 106.08, while the value of one dollar remained close to Rs 83.29, further shaping the global economic landscape.

Disclaimer: This post has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

Question: What are your thoughts on the market performance today? :thinking: